Eco
In a strategic move to sustain 2026 oil revenues, Iraq's SOMO has introduced massive price cuts for May exports. Buyers willing to brave the Strait of Hormuz can secure Basra Medium crude at a $33.40 discount per barrel. Official reports indicate that these varying price levels, announced in early May, are designed to attract international firms despite the ongoing 2026 maritime threats. This reflects Baghdad's urgent need to bypass the economic chokehold caused by the current regional crisis and shipping disruptions.
